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The global Hematology Market is estimated to be valued at US$ 2.19 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Hematology is a branch of medicine concerned with the study, diagnosis, treatment, and prevention of diseases related to blood, blood-forming tissues, and immune mechanisms. The hematology market comprises products such as hematology analyzers, flow cytometers, coagulation analyzers, and other consumables used for diagnosis and treatment of blood related disorders. The growing prevalence of blood disorders such as anemia, blood cancer, and bleeding disorders has increased the demand for efficient diagnosis and treatment of these conditions.
Market key trends:
The rise in demand for blood disorder treatments has been a major driving factor for the hematology market. According to research institutions like Centers for Disease Control and Prevention (CDC) and WHO, nearly 5-7% of the global population is affected by different types of blood disorders annually. Blood cancers like leukemia, lymphoma and multiple myeloma are among the top ten causes of cancer deaths worldwide. Technological advancements in medical devices have enabled precise diagnosis of these complex conditions with minimal invasive procedures spurring their adoption in healthcare facilities. Portable and easy to use hematology analyzers along with rise in disease awareness programs by governments are some factors boosting the market growth.
SWOT Analysis
Strength: The hematology market has wide product offerings for various disease conditions. The established supply chain and presence of leading market players provide easy availability of products.
Weakness: High capital investment requirements for setting up manufacturing facilities pose challenges for new entrants. Stringent regulations delay product approval and market entry.
Opportunity: Rising geriatric population and increasing prevalance of blood disorders drives market growth. Emerging economies provide scope for expansion.
Threats: Threat from substitute therapies and stringent regulations for approval of new products. Price controls and reimbursement policies vary across regions.
Key Takeaways
Global Hematology Market Size is expected to witness high growth driven by aging population and rising disease burden.
Regional Analysis:
The North America region currently dominates the market due to presence of leading players, advanced healthcare infrastructure and higher healthcare spending. Europe and Asia Pacific are also significant markets expected to grow at a healthy pace during the forecast period.
Key players operating in the hematology market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd. These companies invest aggressively in new product launches and focus on strengthening their distribution networks globally especially in high growth markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
